ABM Resources Non Executive Chairman Invests Further $44k To Increase Stake

May 07, 2012 2:24 AM ET
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ABM Resources (ASX: ABU) non-executive chairman Michael Etheridge has increased his shareholding with the on-market purchase of a further 1 million shares in the company.

Etheridge acquired the shares for a total consideration of A$44,690, or $0.044 per share.

This takes his indirect shareholding to 7 million shares, while his direct shareholding remains at 6 million shares.

ABM Resources has begun its 2012 exploration season with extensional trenching at the Old Pirate gold prospect in the Northern Territory.

The company is targeting 3 kilometres of prospective vein horizons not included in the current resource of 427,000 ounces of contained gold.

Last month ABM doubled its global gold JORC Resource base to 3.3 million ounces contained within three distinct mineralised systems.

This resource highlights the rapid progress the company has made at its projects in the Northern Territory, coming within two years of the start of exploration.

The 98% increase includes the delineation of a maiden Inferred and Indicated Resource at the Old Pirate gold prospect, which is part of ABM's Twin Bonanza Gold Camp.

Old Pirate hosts a resource of 1.673 million tonnes at 7.95 grams per tonne (g/t) gold for 427,000 ounces of contained gold. This includes zones of 0.48 million tonnes at 14.84g/t gold for 231,600 ounces of gold.

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